About Me

Gregg Walker is a Harlem Resident and 1997 graduate of Yale Law School who worked as an investment banker for 9 years and was the Vice President of Strategy and Mergers & Acquisitions at Viacom for 3 years. Gregg served as the Senior Vice President of Corporate Development at Sony from 2009 to 2016, and he launched his own private investing firm in July 2016 (www.gawalker.co). Gregg was chosen in 2010 by Crain's as one of NYC's 40 Under 40 Rising Stars (http://mycrains.crainsnewyork.com/40under40/profiles/2010/gregg-walker). Gregg is a Deacon at Abyssinian Baptist Church and served as the chairman of the Board of the Harlem YMCA. He has served on the Boards of movie studio MGM and music publishing companies Sony/ATV and EMI Music Publishing. He is also a Board member of Harlem RBI and Derek Jeter's Turn 2 Foundation. He is a former Term Member of the Council on Foreign Relations and a representative of the US at the 2002 Young Leaders Conference of the American Council on Germany. Gregg is also a member of many other foundations and community organizations.

Monday, December 14, 2009

Praising Paterson's Wall Street Defense

Last week, New York's Governor Peterson became the first elected official to aggressively challenge the notion that punishing Wall Street is good for the economy. We hope that others will follow his lead.

One third of New York City's employee earnings come from the financial sector, and when that sector suffers, New York City suffers. As many in Washington, DC continue to design plans to undermine the ability of Wall Street firms to offer competitive compensation packages and retain their best employees, we are encouraged by our Governor's courageous defense of the unpopular US financial sector.

If New York City and New York State have any hope of closing their budget deficits, it is through resurgent Wall Street profits and tax revenues from the compensation received by New Yorkers who work in the firms that drive the world's financial system from headquarters located in Manhattan.

Moreover, if the US federal government makes it more difficult for firms to lead the financial sector from the US, those firms will leave Manhattan and move to other parts of the world. Manhattan's place as the world's financial capital is an economic and national security advantage for the US, and sustaining that advantage requires the type of attitude that Governor Paterson expressed last week.

"Some people think that if you deny the bonuses, that the money’s coming back to the American taxpayers. It’s actually the other way around. If you deny the bonuses, the money stays in the firms. It’s when you pay out the bonuses that you start to get the huge tax collections that New Yorkers see."

"You don't hear anybody in New England complaining about clam chowder. If you say anything about oil in Texas, they'll string you up from the nearest tree. We need to stand by the engine of our economy in New York State, and that engine is Wall Street."